Just a quick chart to show why I'm cautious with shitcoins at the moment.
The SHITPERP index is a basket of 50 binance shitcoins. Indices are interesting to trade : they have a more consistent price action, and are more trending than individual shitcoins. Also, they can be leveraged if one wishes to.
This index is quite new and lacks history to make solid conclusions. We only have 1 top in february, and the previous top from August can't really be relied on as it is on the edge of the chart. The bottom is more interesting IMO and shows the levels of interest / reversal.
The mentioned trade setup is highly speculative for now, and could use some confirmations (MACD turning bearish, high volume appearing, and/or yellow line breaking for instance).
Cheers, Harry
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Confirmations are starting to show. Waiting for a close below support to go full size. (and ideally, also close below 850 to lose EMA26)
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We did not get the close below support. Now we have a first unconfirmed breakout to the upside. I'm reducing my short exposure.